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(1)  The  Minister,  on  the  recommendations  of  the  Board,  shall  by legislative instrument make Regulations

(a) to add to or vary the list of accountable institutions;

(b) on the records to be kept and retained by financial institutions and accountable institutions;

(c) on the format of suspicious transactions reports;

(d)  for  the  rules  and  directives  for  accountable  institutions  to identify clients for the purposes of this Act;

(e) on the form of reports and other documentation required under this Act; and

(f) generally for the effective implementation of this Act.

(2) Despite the Statutory Instruments Act, 1959 (No. 52) as amended, the penalty for contravention of Regulations shall be a fine of not more than two thousand five hundred penalty units or a term of imprisonment of not more than three years or to both.